The 74-unit development in the downtown neighborhood will offer apartments targeted for seniors living on incomes of between $11,000 and $30,000 per year.
"These are folks who have worked most of their lives in the area and raised their children here,'' says Danville Mayor Dick Waldo."They want to stay near family and friends, but in retirement they don't have the resources to make ends meet."
Danville has one of the most expensive real estate markets in the Bay Area. Danville residents have been protesting low-income housing development in the area for years.
The Danville apartments are a joint effort by the city and the BRIDGE Housing Corp. The units will rent for approximately $370-$630 per month for a one-bedroom unit and $430-$675 for a two-bedroom apartment. The $15 million development will consist of 68 one-bedroom and six two-bedroom apartments.
Danville originally purchased the property with the idea of providing housing for older residents. The city then sold the parcel to BRIDGE Housing to develop and manage. Construction is expected to be completed in the spring of 2003.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
